International legal practice Osborne Clarke has advised the Lovehoney Group, a leading online retailer of "sexual happiness" products, and its co-founders and senior management team on an investment from European private equity investor Telemos Capital, in which Telemos acquired a majority stake in Lovehoney.
Established in Bath in 2002 by Richard Longhurst and Neal Slateford, Lovehoney is a market leading pure-play ecommerce retailer, focusing on female users and couples. Distributing a mix of own label and third-party products Lovehoney has grown into an international success, delivering 30% year-on-year growth and record sales of approximately £100 million from the UK, the US, Australia and Europe in the most recent financial year. In recognition of the business’ achievements Lovehoney received the Queen's Award for Enterprise in 2016.
With the backing of Telemos, Lovehoney will accelerate its plans for international expansion, tapping into fragmented and underdeveloped markets and building on its strong consumer engagement. Lovehoney will invest in new technology and marketing, allowing the business to raise its profile in new geographies, and to continue to evolve its excellent customer service, online content, community and innovative new products.
The Osborne Clarke team which advised on the transaction was led by Corporate Partners Russell Van Praagh and Alistair Francis and included Senior Associate Rebekah Winsor and Associate Sara McDiamond.
Neal Slateford, Co-Founder of Lovehoney, said: "Osborne Clarke did what they said they were going to do, which was make a very complicated process very simple for us."
Osborne Clarke’s Corporate team is considered a go-to practice for many companies in the retail sector, working with global businesses to fast-growth start-ups and market challengers. The team advises at every stage of company development across all corporate issues, from equity and debt fundraisings to M&A, IPOs and JVs.